Experts discuss on blockchain Digital ID: The pros and cons in 2020

McKinsey focuses on exploring the impact of Digital ID on benefits in the banking and financial industries

McKinsey stated that a digital ID could help all people around the world, whether or not already own some type of ID, to access economic, social, and political activities with safety and effectiveness.

  • Organizations can abuse the hype and ignorance of blockchain in the early stages to create unworkable projects, which are only fundraising without planning for the actual value.
  • Risk related to human errors: Human errors can still happen to Digital ID on blockchain due to the new digital interface and lack of compliance rules when designing systems.

BiometricUpdate shows their support for the revolution of Digital ID

BiometricUpdate identifies Digital ID on blockchain as a growth engine for the applicability of biometrics to digital authentication.

BDO recommends a risk-based approach with Digital ID

BDO — an UK’s audit, tax, and business consulting services firm — advises any organization planning to implement blockchain Digital ID using a risk-based approach.

  • The understanding of the level (s) of the Digital ID system assurance, especially regarding the authentication and identity verification process.
  • Ensure that the assurance level (s) is consistent with the ML/TF risks related to the customer, product, jurisdiction, geographic scope, and test tubes.

About akaChain

akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since Establishment in September 2018, akaChain product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.

Contact us for more information:

Website: https://akachain.io
Phone: +84 90 1133883
Email: admin@akachain.io
Addresses: FLC Twin Towers, 265 Cau Giay street, Dich Vong Hau ward, Cau Giay district, Hanoi, Vietnam.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Akachain.io

Akachain.io

The Permissioned Business Blockchain for Enterprises